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Bank od regarding

ABHI KUMAR (679 Points)

14 September 2022

bank od interest nd bank processing charge can we claim in profit nd loss account

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3 Replies

veerendar singh (tax consultant) (3301 Points)
Replied 14 September 2022

Yes surely.
in fact you must claim it to find your true profit

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kanavu kumare (4 Points)
Replied 14 September 2022

Yes.You can taken OD interest to interest ledger and processing charges to bank charges ledger

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 17 September 2022

Interest on Over draft can be claimed and processing charges if debited to bank account then it can be claimed.

Else Journal entry has to be passed if it is adjusted in sanctioned amount

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